GBPJPY is approaching our first support at 150.64 (horizontal overlap support, 38.2% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 152.17 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (89,5,3) is also bouncing off our major support which might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also bouncing off our major support which might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade closed: target reached
Wohooooo perfect rally up to our profit target! :) did you guys manage to get on this trade?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.